– Italy is EU’s ticking timebomb as debt nears €2.4 trillion – Italy’s GDP is just €1.85 trillion; National debt is 132% of economy – Italy is politically dysfunctional at best of times; Now has populist left / right wing government – National debt owed to other EU nations alone is 25% of its GDP – Italy’s debt threatens global GDP; May wipe 0.4% off global GDP
– Default to create contagion in EU including a euro currency crisis – All the focus is on Brexit and trade wars but “Italy is too big to bail and too big to fail” – “Do not have all your eggs in one basket…” – “Don’t panic. Diversify, diversify, diversify”
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